Last updated on January 30th, 2023
If you are looking to explore the DeFi world on the Cardano blockchain, one of the wallets that you can use is the Nami Wallet.
After buying ADA on an exchange, here are the steps you’ll need to send it to your wallet.
How to send ADA to Nami Wallet
Here are 4 steps to send ADA to Nami:
- Select a platform that enables native ADA withdrawals
- Obtain the ADA deposit address from your Nami wallet
- Withdraw from the platform of your choice using the native Cardano network
- Receive ADA on Nami
You can check out my video guide here,
or find out each step explained in-depth below:
Select a platform that enables native ADA withdrawals
Since you are only able to send ADA via the native Cardano network, you will need to buy ADA on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
In terms of ADA withdrawals, it seems that Crypto.com has the lowest fees when you want to make a withdrawal.
Obtain the ADA deposit address from your Nami wallet
After deciding which platform to buy ADA from, you’ll need to do is to create a Nami Wallet.
Don’t forget to keep your seed phrase secure, as this can be used by anyone to access your wallet!
Once you have created your wallet, you will need to click on the browser extension and select ‘Receive‘,
and this will show you the ADA deposit address that you’ll need to copy to the platform of your choice.
Your address should start with ‘add‘, which is a Cardano network address. This is different from ‘0x‘ addresses which are for the ERC20 and BEP20 networks.
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Withdraw from the platform of your choice using the native Cardano network
The next step you’ll need to do would be to withdraw ADA from the platform that you’ve chosen to Nami using the Cardano network.
There may be some platforms like Binance which allow you to withdraw ADA using different networks, such as BEP20 and BEP2.
It is important that you withdraw ADA using the Cardano network, and not the BEP2 or BEP20 networks. Nami does not support these 2 networks, and you may lose the ADA that you sent over!
Otherwise, you will be sending the Binance-Peg version of ADA, which is different from native ADA.
Receive ADA in your Nami Wallet
After the transfer has been initiated, you will receive ADA in your Nami Wallet. Transactions on the Cardano network are really fast, and you should be able to receive the funds within a few minutes!
When you are sending ADA to Nami, it is important that you only do so via the native Cardano network.
This is a similar process as sending ADA to other wallets such as Yoroi or Nexo.
If you choose to send ADA via another network, there may be a chance that your ADA may be lost forever!
Alternatively, you can look to stake ADA on other platforms such as Exodus.
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Crypto.com Referral (Get up to $25 USD worth of CRO)
If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.
We will both receive $25 USD worth of CRO in our Crypto Wallet.
Here’s what you’ll need to do:
- Sign up for a Crypto.com account
- Enter my referral code: ‘x2kfzusxq6‘
- Stake enough CRO to unlock a Ruby Steel card or higher
The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.
You can read more about the referral program on Crypto.com’s website.
Binance Referral (Receive 5% off your trading fees)
If you are interested in signing up for a Binance account, you can use my referral link.
You will be able to receive 5% off all of your trading fees on Binance!
Do you like the content on this blog?
To receive the latest updates from my blog and personal finance in general, you can follow me on my Telegram channels (Personal Finance or Crypto) and Facebook.
Are you passionate about personal finance and want to earn some flexible income?